Investors are largely interested in finance and finance-related solutions because of its centrality to society was one of the resolutions established by Tolulope Osindero, Branch Nigeria’s Head of Legal and Compliance at the sixth Lagos Startup Week.
Osindero spoke on a panel held on July 28th, the fourth day of the Lagos Startup Week with thought leaders including Olu Akanmu, Co-CEO, OPay and Nefe Etomi, Strategy and Finance Specialist, Paystack.
Speaking on the theme, “Building The Next Billion”, the panel spoke extensively on the future of the Nigerian and African Tech Ecosystem and how with innovation, the ecosystem can evolve for the better.
Tolulope explained how technology evolved and created the need for a change in the finance ecosystem. “Getting a loan was very difficult as it took time for the bank to do their due diligence. Around the 2000s, the introduction of the internet and the proliferation of mobile phones precipitated the need for the finance ecosystem to change. Access to money
had to improve and become faster due to its direct impact on people.”
Although technology is no longer an industry, but rather the underlying driver of change and innovation for every business everywhere including Africa; it is important to have a mutually respectful relationship with regulators.
Olu Akanmu commented, “One of the things we should do in tech is engaging our regulators more with an open mind. As Founders, we should deal with regulators with more emotional intelligence”. Strategy and Finance Specialist at Paystack, Nefe Etomi agreed saying, “You need to tread carefully with regulators especially if you intend to operate in multiple countries because if you mess up in one country, it can affect entry into another.”
Osindero also agreed with the panel adding,“Banking and finance have always been regulated. You will always have a regulator and you are not more powerful than your regulators. Understanding that from day one even at your conception stage helps you to think about creative ways to engage your regulators and how to communicate properly. I’ll say that the
relationship with regulators has significantly improved in Nigeria. The manner of approach is very key, you have to take them through the product, the building process and how the market is using this technology.”
Asides from featuring on the panel, headline sponsor, Branch, showcased its investment products to attendees. The attendees were able to download the Branch app and set up an account which gives them access to loans of up to 500, 000 and investment opportunities at their fingertips.
